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5/09/2005

Peabody Energy Shareholders Approve AFL-CIO Corporate Governance Reform Resolution

Shareholders of Peabody Energy Corp. (NYSE: BTU) adopted a corporate governance reform proposal offered by the AFL- CIO by a vote of 71 percent at the company's annual shareholders meeting today in Clayton, Missouri. The AFL-CIO resolution urged the annual election of the company's board of directors.

"We are gratified by the tremendous showing of support from the Peabody Energy shareholders for our reform proposal," said AFL-CIO Secretary-Treasurer Richard Trumka. "We urge the company to act expeditiously to declassify the board of directors and hold annual elections for all board members.

"Two other labor-sponsored resolutions also obtained significant shareholder support. A proposal sponsored by the Amalgamated Bank LongView MidCap 400 Index Fund urged the Board to adopt a policy that independent directors constitute two-thirds of the Board. That resolution obtained 43 percent of the vote, up from 23 percent when the proposal was considered at last year's annual meeting.

Another proposal sponsored by the Sheet Metal Workers' National Pension Fund urged the Board to take the necessary steps to require that directors be elected by the affirmative vote of a majority of votes cast at an annual meeting of shareholders. That proposal obtained 37 percent of the vote."The significant vote that all three of these proposals obtained demonstrates significant shareholder concern about the need for Peabody Energy to enact corporate governance reforms," said Trumka. "We look forward to Peabody Energy making demonstrable moves toward greater accountability."


Source: AFL-CIO

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